What is CIT v. Reliance Industries Ltd. authority for?

When mixed funds are available, interest-free advances are presumed to be made from the assessee's own interest-free funds, preventing disallowance of interest expenditure under section 36(1)(iii). This principle also applies to section 14A disallowance, where interest expenditure is not disallowed if surplus funds are available and no direct nexus is established with borrowed funds for investments earning exempt income.

How many judgments cite CIT v. Reliance Industries Ltd.?

501 judgments on BharatTax cite CIT v. Reliance Industries Ltd. (410 ITR 466), spanning 2016 to 2026.

Which sections of the Income Tax Act does CIT v. Reliance Industries Ltd. come up under?

It is most often cited in judgments turning on Section 36(1)(iii), Section 14A, Section 143(3), Section 1961, Section 40(a)(ia), Section 1962.

CIT v. Reliance Industries Ltd. (410 ITR 466)

Ashok Leyland Limited, Chennai vs. ACIT, Chennai

ITA 2330/CHNY/2019[2015-16]Status: DisposedITAT Chennai07 Jul 2025AY 2015-16

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.2330/Chny/2019 निर्धारण वर्ष/Assessment Year: 2015-16 M/S. Ashok Leyland Ltd., 1, Sardar Patel Road, Guindy, Chennai-600 032. [Pan: Aaaca 4651 L] (अपीलार्थी/Appellant) V. The Acit, Large Taxpayer Unit-2, Chennai. (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita No.2618/Chny/2019 निर्धारण वर्ष/Assessment Year: 2015-16 The Acit, Large Taxpayer Unit-2, Chennai. V. M/S. Ashok Leyland Ltd., 1, Sardar Patel Road, Guindy, Chennai-600 032. [Pan: Aaaca 4651 L] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By : Mr.R. Vijayaraghavan, Adv. & Mr.Vikram Vijayaraghavan, Adv. Department By : Mr.A. Sasikumar, Cit सुनवाईकीतारीख/Date Of Hearing : 02.05.2025 घोषणाकीतारीख /Date Of Pronouncement : 07.07.2025

For Appellant: Mr.R. Vijayaraghavan, AdvFor Respondent: Mr.A. Sasikumar, CIT

Section 115JSection 143(3)Section 14A

…erest bearing funds, the presumption is that interest free funds were utilized for interest free investment and advances. Such a proposition of law has been upheld by the Hon'ble Supreme Court in the case of CIT v. Reliance Industries Ltd., reported in [2019] 410 ITR 466 (SC) and the Hon'ble Supreme Court in the case of South Indian Bank Ltd. v. CIT reported in [(2021) 130 taxmann.com 178 (SC)] reiterated the position ITA Nos.2330 & 2618/Chny/2019 (AY 2015-16) M/s. Ashok Leyland Ltd. :: 5 :: of law and also clarified that it is the assessee who has the right to assert from which part of the mixed funds the he inv…

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Chennai

In the result, appeals filed by the assessee are allowed

ITA 857/CHNY/2025[2011-12]Status: DisposedITAT Chennai04 Jul 2025AY 2011-12

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr.Y. Sridhar, FCAFor Respondent: Ms. Gauthami Manivasagam

Section 143(1)Section 143(3)Section 264

…ITR 340 (Bom) • CIT v. Hotel Savera (1999) 239 ITR 795 (Mad) • CIT v. TIN. Box Co. (2003) 260 ITR 637 (Del) 11. The ratio laid by the Hon’ble High Courts (supra) been concurred by the Hon’ble Apex Court in CIT (LTU) v. Reliance Industries Ltd., reported in 410 ITR 466 (SC) wherein it was held by their Lordships ‘ …… when interest-free funds was available with assessee is sufficient to meet ITA Nos.854 to 857/Chny/2025 (AYs 2008-09 to 2011-12) M/s. Thiruvalluvar Textiles (P) Ltd. :: 8 :: investment, presumption is that investments in subsidiaries were out of interest-free funds and accordingly no disallowan…

M/S. Thruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Chennai

In the result, appeals filed by the assessee are allowed

ITA 856/CHNY/2025[2010-11]Status: DisposedITAT Chennai04 Jul 2025AY 2010-11

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr.Y. Sridhar, FCAFor Respondent: Ms. Gauthami Manivasagam

Section 143(1)Section 143(3)Section 264

…ITR 340 (Bom) • CIT v. Hotel Savera (1999) 239 ITR 795 (Mad) • CIT v. TIN. Box Co. (2003) 260 ITR 637 (Del) 11. The ratio laid by the Hon’ble High Courts (supra) been concurred by the Hon’ble Apex Court in CIT (LTU) v. Reliance Industries Ltd., reported in 410 ITR 466 (SC) wherein it was held by their Lordships ‘ …… when interest-free funds was available with assessee is sufficient to meet ITA Nos.854 to 857/Chny/2025 (AYs 2008-09 to 2011-12) M/s. Thiruvalluvar Textiles (P) Ltd. :: 8 :: investment, presumption is that investments in subsidiaries were out of interest-free funds and accordingly no disallowan…

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Salem

In the result, appeals filed by the assessee are allowed

ITA 855/CHNY/2025[2009-10]Status: DisposedITAT Chennai04 Jul 2025AY 2009-10

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr.Y. Sridhar, FCAFor Respondent: Ms. Gauthami Manivasagam

Section 143(1)Section 143(3)Section 264

…ITR 340 (Bom) • CIT v. Hotel Savera (1999) 239 ITR 795 (Mad) • CIT v. TIN. Box Co. (2003) 260 ITR 637 (Del) 11. The ratio laid by the Hon’ble High Courts (supra) been concurred by the Hon’ble Apex Court in CIT (LTU) v. Reliance Industries Ltd., reported in 410 ITR 466 (SC) wherein it was held by their Lordships ‘ …… when interest-free funds was available with assessee is sufficient to meet ITA Nos.854 to 857/Chny/2025 (AYs 2008-09 to 2011-12) M/s. Thiruvalluvar Textiles (P) Ltd. :: 8 :: investment, presumption is that investments in subsidiaries were out of interest-free funds and accordingly no disallowan…

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Salem

In the result, appeals filed by the assessee are allowed

ITA 854/CHNY/2025[2008-09]Status: DisposedITAT Chennai04 Jul 2025AY 2008-09

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr.Y. Sridhar, FCAFor Respondent: Ms. Gauthami Manivasagam

Section 143(1)Section 143(3)Section 264

…ITR 340 (Bom) • CIT v. Hotel Savera (1999) 239 ITR 795 (Mad) • CIT v. TIN. Box Co. (2003) 260 ITR 637 (Del) 11. The ratio laid by the Hon’ble High Courts (supra) been concurred by the Hon’ble Apex Court in CIT (LTU) v. Reliance Industries Ltd., reported in 410 ITR 466 (SC) wherein it was held by their Lordships ‘ …… when interest-free funds was available with assessee is sufficient to meet ITA Nos.854 to 857/Chny/2025 (AYs 2008-09 to 2011-12) M/s. Thiruvalluvar Textiles (P) Ltd. :: 8 :: investment, presumption is that investments in subsidiaries were out of interest-free funds and accordingly no disallowan…

The ACIT, Circle-2(1)(1), Ahmedabad vs. M/S. Intas Pharmaceuticals Ltd., Ahmedabad

Accordingly, this ground raised by the Revenue is dismissed

ITA 281/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…ds for such purposes. 85. The Co-ordinate Bench in assessee’s own case for A.Y. 2013–14 in ITA No. 704/Ahd/2018 has after noting identical facts and relying on authoritative decisions of the Hon’ble Apex Court in the case of CIT Vs. Reliance Industries Ltd., 410 ITR 466(SC) categorically held that where interest-free funds are available in excess of the amount deployed in capital advances or CWIP, the presumption must be drawn that such investments were made out of own funds. The Co-ordinate Bench therein has further observed that in absence of any controvert findings of the Ld. CIT(A) both on facts as well as l…

Intas Pharmaceuticals Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

Accordingly, this ground raised by the Revenue is dismissed

ITA 222/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…ds for such purposes. 85. The Co-ordinate Bench in assessee’s own case for A.Y. 2013–14 in ITA No. 704/Ahd/2018 has after noting identical facts and relying on authoritative decisions of the Hon’ble Apex Court in the case of CIT Vs. Reliance Industries Ltd., 410 ITR 466(SC) categorically held that where interest-free funds are available in excess of the amount deployed in capital advances or CWIP, the presumption must be drawn that such investments were made out of own funds. The Co-ordinate Bench therein has further observed that in absence of any controvert findings of the Ld. CIT(A) both on facts as well as l…

Sbs Transpole Logistics Pvt. Ltd., Delhi vs. NFAC, Delhi

The appeals of the assessee are allowed

ITA 3690/DEL/2023[2018-19]Status: DisposedITAT Delhi09 May 2025AY 2018-19

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Neeraj Mangla, CAFor Respondent: Shri Mahesh Kumar, CIT DR

Section 143(3)Section 14ASection 270ASection 274Section 36(1)(iii)

…could be reasonably presumed that interest free loans to subsidiaries were advanced out of own funds of the assessee company and not out of borrowed funds in view of the decision of Hon’ble Supreme Court in the case of Reliance Industries Limited reported in 410 ITR 466 (SC). Hence there cannot be any disallowance of interest under section 36(1)(iii) of the Act. Respectfully following the same, the Ground No. 4 raised by the assessee is hereby allowed. 6. The Ground No. 5 raised by the assessee is general in nature and does not require any specific adjudication. 7. In the result, the appeal of the assessee in…

Sbs Transpole Logistics Private Limited, Delhi vs. ACIT Circle 22(2), New Delhi

The appeals of the assessee are allowed

ITA 3688/DEL/2023[2018-19]Status: DisposedITAT Delhi09 May 2025AY 2018-19

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Neeraj Mangla, CAFor Respondent: Shri Mahesh Kumar, CIT DR

Section 143(3)Section 14ASection 270ASection 274Section 36(1)(iii)

…could be reasonably presumed that interest free loans to subsidiaries were advanced out of own funds of the assessee company and not out of borrowed funds in view of the decision of Hon’ble Supreme Court in the case of Reliance Industries Limited reported in 410 ITR 466 (SC). Hence there cannot be any disallowance of interest under section 36(1)(iii) of the Act. Respectfully following the same, the Ground No. 4 raised by the assessee is hereby allowed. 6. The Ground No. 5 raised by the assessee is general in nature and does not require any specific adjudication. 7. In the result, the appeal of the assessee in…

Carborundum Universal Limited, Chennai vs. ACIT Ltu-1, Chennai

In the result, appeals filed by the assessee are partly allowed for statistical purposes

ITA 2868/CHNY/2024[2018-19]Status: DisposedITAT Chennai05 May 2025AY 2018-19

Bench: Shri Manu Kumar Giri & Shri Amitabh Shukla

For Appellant: Mr.R.Vijayaraghavan, AdvocateFor Respondent: Mrs.Samantha Mullamudi

Section 115JSection 14ASection 8D(2)(ii)

…आयकर अपीलीय अिधकरण,‘ए ’"ायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘A’ BENCH, CHENNAI "ी मनु कुमार िग"र ,"ाियक सद" एवं"ीअिमताभ शु#ा, लेखा सद"य के सम" BEFORE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A.Nos.2865, 2866, 2867 & 2868/Chny/2024 (िनधा"रणवष" / Assessment Years: 2010-11, 2014-15, 2016-17 & 2018-19) M/s. Carborundum Universal Vs The Assistant Commissioner Limited, of Income-tax, No. 43, VI Floor, Parry House Moore Large Taxpayer Unit-1, Street,Chennai GPO Parrys, – 600 001. Chennai. PAN : AAACC-2474-P (अपीलाथ"/Appellant) (""यथ"/Respondent) अप…

Carborundum Universal Limited, Chennai vs. ACIT Ltu-1, Chennai

In the result, appeals filed by the assessee are partly allowed for statistical purposes

ITA 2867/CHNY/2024[2016-17]Status: DisposedITAT Chennai05 May 2025AY 2016-17

Bench: Shri Manu Kumar Giri & Shri Amitabh Shukla

For Appellant: Mr.R.Vijayaraghavan, AdvocateFor Respondent: Mrs.Samantha Mullamudi

Section 115JSection 14ASection 8D(2)(ii)

…आयकर अपीलीय अिधकरण,‘ए ’"ायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘A’ BENCH, CHENNAI "ी मनु कुमार िग"र ,"ाियक सद" एवं"ीअिमताभ शु#ा, लेखा सद"य के सम" BEFORE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A.Nos.2865, 2866, 2867 & 2868/Chny/2024 (िनधा"रणवष" / Assessment Years: 2010-11, 2014-15, 2016-17 & 2018-19) M/s. Carborundum Universal Vs The Assistant Commissioner Limited, of Income-tax, No. 43, VI Floor, Parry House Moore Large Taxpayer Unit-1, Street,Chennai GPO Parrys, – 600 001. Chennai. PAN : AAACC-2474-P (अपीलाथ"/Appellant) (""यथ"/Respondent) अप…

Carborundum Universal Limited, Chennai vs. ACIT Ltu-1, Chennai

ITA 2866/CHNY/2024[2014-15]Status: DisposedITAT Chennai05 May 2025AY 2014-15

Bench: Shri Manu Kumar Giri & Shri Amitabh Shuklaआयकरअपीलसं./I.T.A.Nos.2865, 2866, 2867 & 2868/Chny/2024 (निर्धारणवर्ष / Assessment Years: 2010-11, 2014-15, 2016-17 & 2018-19) M/S. Carborundum Universal Vs The Assistant Commissioner Of Income-Tax, Limited, No. 43, Vi Floor, Parry House Moore Street,Chennai Gpo Parrys, – 600 001. Pan: Aaacc-2474-P (अपीलार्थी/Appellant) Large Taxpayer Unit-1, Chennai. (प्रत्यर्थी/Respondent) अपीलार्थीकीओरसे/ Appellant By : Mr.R.Vijayaraghavan, Advocate प्रत्यर्थीकीओरसे/Respondent By : Mrs.Samantha Mullamudi, Addl.Cit सुनवाईकी तारीख/Date Of Hearing : 27.03.2025 घोषणाकीतारीख / Date Of Pronouncement : 05.05.2025 आदेश / Order Per Manu Kumar Giri, Jm: The Captioned Appeals Filed By The Assessee Are Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals)(Nfac), Delhi [Cit(A)]All Dated10.09.2024 For Assessment Years 2010-11, 2014-15, 2016-17 & 2018-19.Since The Facts & Issues Are Common In These Appeals, They Are Heard Together & Disposed Off By This Common Order.

For Appellant: Mr.R.Vijayaraghavan, AdvocateFor Respondent: Mrs.Samantha Mullamudi

Section 115JSection 14ASection 8D(2)(ii)

…आयकर अपीलीय अधिकरण, 'ए 'न्यायपीठ, चेन्नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A' BENCH, CHENNAI श्री मनु कुमार गिरि, न्यायिक सदस्य एवंश्रीअमित_भ शुक्ल लेखा सदस्य के समक्ष BEFORE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A.Nos.2865, 2866, 2867 & 2868/Chny/2024 (निर्धारणवर्ष / Assessment Years: 2010-11, 2014-15, 2016-17 & 2018-19) M/s. Carborundum Universal Vs The Assistant Commissioner of Income-tax, Limited, No. 43, VI Floor, Parry House Moore Street,Chennai GPO Parrys, – 600 001. PAN: AAACC-2474-P (अपीलार्थी/Appellant) Large Taxpayer Unit-1, Chennai. (प्रत…

Carborundum Universal Limited, Chennai vs. ACIT Ltu-1, Chennai

In the result, appeals filed by the assessee are partly allowed for statistical purposes

ITA 2865/CHNY/2024[2010-11]Status: DisposedITAT Chennai05 May 2025AY 2010-11

Bench: Shri Manu Kumar Giri & Shri Amitabh Shukla

For Appellant: Mr.R.Vijayaraghavan, AdvocateFor Respondent: Mrs.Samantha Mullamudi

Section 115JSection 14ASection 8D(2)(ii)

…आयकर अपीलीय अिधकरण,‘ए ’"ायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘A’ BENCH, CHENNAI "ी मनु कुमार िग"र ,"ाियक सद" एवं"ीअिमताभ शु#ा, लेखा सद"य के सम" BEFORE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A.Nos.2865, 2866, 2867 & 2868/Chny/2024 (िनधा"रणवष" / Assessment Years: 2010-11, 2014-15, 2016-17 & 2018-19) M/s. Carborundum Universal Vs The Assistant Commissioner Limited, of Income-tax, No. 43, VI Floor, Parry House Moore Large Taxpayer Unit-1, Street,Chennai GPO Parrys, – 600 001. Chennai. PAN : AAACC-2474-P (अपीलाथ"/Appellant) (""यथ"/Respondent) अप…

Assistant Commissioner of Income Tax, C-1(1)(1), Bangalore vs. Bangalore International Airport Limited, Bangalore

In the result, the cross objection of the assessee is hereby partly allowed

ITA 1109/BANG/2024[2020-21]Status: DisposedITAT Bangalore16 Apr 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Smt. Nandini Das, CIT-DR

Section 80I

…tion of earning interest or for any extraneous purpose. 42. It is further brought on record that the assessee possessed sufficient own funds during the relevant assessment year. The Hon’ble Supreme Court in the case of CIT v. Reliance Industries Ltd. [(2019) 410 ITR 466 (SC)] held that where the assessee had mixed funds (i.e., both interest-bearing and interest-free) and the interest-free advances are less than or equal to the assessee’s own funds, it must be presumed that such advances were made out of own funds and not borrowed funds. In the present case, the assessee has established the availability of substa…

M/S Orbit Resorts (P) Ltd., Chandigarh vs. DCIT, C-1(1), Chandigarh

In the result, both appeals are allowed

ITA 342/CHANDI/2019[2012-13]Status: DisposedITAT Chandigarh08 Apr 2025AY 2012-13

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwal

For Appellant: Shri Ashwani Kumar, CA, Shri Aditya Kumar,CA &For Respondent: Dr. Ranjit Kaur, Addl. CIT Sr.DR

…ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) ITA No.341 & 342/CHD/2019 A.Y.2007-08 & 2012-13 4 f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Shapoorji Palongi & Co 423 ITR 220 (Bom) j) Decision of ITAT Chandigarh in ITA No. 184/Chd/2015 5. In view of the above, no disallowance is sustainable. We allow both the appeals and delete the disallowance. 6. In the result, both appeals are allowed. Order prono…

M/S Orbit Resorts (P) Ltd., Chandigarh vs. Addl. CIT, R-1, Chandigarh

In the result, both appeals are allowed

ITA 341/CHANDI/2019[2007-08]Status: DisposedITAT Chandigarh08 Apr 2025AY 2007-08

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwal

For Appellant: Shri Ashwani Kumar, CA, Shri Aditya Kumar,CA &For Respondent: Dr. Ranjit Kaur, Addl. CIT Sr.DR

…ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) ITA No.341 & 342/CHD/2019 A.Y.2007-08 & 2012-13 4 f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Shapoorji Palongi & Co 423 ITR 220 (Bom) j) Decision of ITAT Chandigarh in ITA No. 184/Chd/2015 5. In view of the above, no disallowance is sustainable. We allow both the appeals and delete the disallowance. 6. In the result, both appeals are allowed. Order prono…

ACIT, Circle, Panchkula vs. M/S Haryana State Industrial & Infrastructure Dev. Corp. Ltd., Panchkula

In the result, appeal of the Revenue is dismissed

ITA 1424/CHANDI/2019[2014-15]Status: DisposedITAT Chandigarh07 Apr 2025AY 2014-15

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

For Appellant: Shri A.K. Jindal and Ms. Rattan Kaur, C.A’sFor Respondent: Shri Rohit Sharma, CIT DR

Section 14ASection 28

…i n law, aiding the issue of disallowance under Section 36(l)(iii) of t h e Income Tax Act, 1961 is squarely covered in view of decision of the Hon'ble Supreme Court in the case of Commissioner of Income Tax Vs. Reliance Industries Limited, reported as [2019] 410 ITR 466 (SC) wherein the issue has been held to be a pure question of fact in view of the findings recorded by the Tribunal therein, whereas in the present case, the factual findings recorded by the Assessing Officer were converse to the findings noticed by the Hon'ble Supreme Court in the case of Reliance Industries (supra) and the Commissioner of Incom…

Assisstant Commissioner of Income Tax, Circle-1, Exemption, Chandigarh vs. Patiala Urban Planning and Development Authority, Patiala

In the result, the appeal of the Revenue is dismissed

ITA 112/CHANDI/2024[2014-15]Status: DisposedITAT Chandigarh26 Mar 2025AY 2014-15

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwal

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Kusum Bansal, CIT DR

Section 36(1)(iii)

…CIT Vs Reliance Industries, Civil Appeal No. 37 of 2019 wherein Hon'ble Supreme Court has upheld the judgement of Hon'ble Bombay High Court in CIT Vs Reliance Utilities reported in 313 ITR page No. 340. The judgement of Hon'ble Supreme Court is reported in 410 ITR 466. We find that ld. CIT(A) has took note of the details of available funds with the A.Y.2014-15 3 assessee as well as how the funds have been advanced. It emerges out from the record that as on 31.03.2013 the assessee has advanced Rs.77.98 Cr to its two concerns namely, Municipal Corporation, Patiala and Punjab Municipal Infrastructure Developm…

Oracle Granito Limited, Ahmedabad vs. The Dy.CIT, Circle-3(1)(2) Now Circle-3(1)(1), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 336/AHD/2024[2008-09]Status: DisposedITAT Ahmedabad07 Mar 2025AY 2008-09

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2008-09 Oracle Granito Limited The Dcit, Cir.3(1)(2) 206, Dev Arc, Second Floor Vs Now Cir.3(1)(1) Nr.Fun Republic Ahmedabad. Opp: Big Bazar S.G. Highway Road Ahmedabad 380 015. Pan : Aaaco 6238 P (Applicant) (Responent) : Assessee By Shri Aseem Thakkar, Ar Revenue By : Shri Amit Pratap Singh, Sr.Dr सुनवाई क" तारीख/Date Of Hearing : 09/01/2025 घोषणा क" तारीख /Date Of Pronouncement: 07/03/2025

For Respondent: Shri Amit Pratap Singh, Sr.DR

Section 143(3)Section 250Section 254Section 36(1)(iii)

…nd has been deployed for investment in capital assets, calling for no disallowance of interest 4 under section 36(1)(iii) of the Act. In this regard, he drew our attention to the order of the Hon’ble Apex Court in the case of CIT Vs. Reliance Industries Ltd., 410 ITR 466 (SC). He, thereafter, pointed out that in the first round itself, the assessee had pointed out the sufficiency of own funds available for making investment in the capital assets which was noted by the ld.CIT(A) also. He pointed out that the assessee had also demonstrated through his bank accounts that the investment in fixed assets had been made…

Deputy Commissioner of Income Tax Central Circle-1(3), Nagpur vs. M/S. Fuelco Coal India Ltd., Nagpur

Appeal of the Revenue is dismissed

ITA 90/NAG/2022[2014-15]Status: DisposedITAT Nagpur14 Feb 2025AY 2014-15

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

For Appellant: Shri Kishore P. DewaniFor Respondent: Shri Sandipkumar Salunke

Section 143(2)Section 143(3)Section 36(1)(iii)Section 40Section 40aSection 68

…udgement in the case of Reliance Industries Ltd. as assessee was having share and reserves & surplus at Rs.24.94 crores. C) Issue in dispute is covered in favour of assessee by decision of Hon'ble Apex Court in the case of Reliance Industries Ltd. reported at 410 ITR 466 (SC).” 7. After carefully perusing the records and analysis meticulously the averments raised before us, as regards the issue of share capital, it is crystal clear that the Department had conducted the assessment for A.Y. 2014–15 under section 143(3) for A.Y. 2014–15 (Paper Book Page–87 to 87) under section 143(3) and only ` 10,475 was added und…

CIT v. Reliance Industries Ltd.

What is CIT v. Reliance Industries Ltd. authority for?

Also referred to as

Also reported as

Sections most often in play

Issues it is cited on

Judgments citing CIT v. Reliance Industries Ltd.

Ashok Leyland Limited, Chennai vs. ACIT, Chennai

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Chennai

M/S. Thruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Chennai

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Salem

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Salem

The ACIT, Circle-2(1)(1), Ahmedabad vs. M/S. Intas Pharmaceuticals Ltd., Ahmedabad

Intas Pharmaceuticals Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

Sbs Transpole Logistics Pvt. Ltd., Delhi vs. NFAC, Delhi

Sbs Transpole Logistics Private Limited, Delhi vs. ACIT Circle 22(2), New Delhi

Carborundum Universal Limited, Chennai vs. ACIT Ltu-1, Chennai

Carborundum Universal Limited, Chennai vs. ACIT Ltu-1, Chennai

Carborundum Universal Limited, Chennai vs. ACIT Ltu-1, Chennai

Carborundum Universal Limited, Chennai vs. ACIT Ltu-1, Chennai

Assistant Commissioner of Income Tax, C-1(1)(1), Bangalore vs. Bangalore International Airport Limited, Bangalore

M/S Orbit Resorts (P) Ltd., Chandigarh vs. DCIT, C-1(1), Chandigarh

M/S Orbit Resorts (P) Ltd., Chandigarh vs. Addl. CIT, R-1, Chandigarh

ACIT, Circle, Panchkula vs. M/S Haryana State Industrial & Infrastructure Dev. Corp. Ltd., Panchkula

Assisstant Commissioner of Income Tax, Circle-1, Exemption, Chandigarh vs. Patiala Urban Planning and Development Authority, Patiala

Oracle Granito Limited, Ahmedabad vs. The Dy.CIT, Circle-3(1)(2) Now Circle-3(1)(1), Ahmedabad

Deputy Commissioner of Income Tax Central Circle-1(3), Nagpur vs. M/S. Fuelco Coal India Ltd., Nagpur